Mumbai, March 5 – Maharashtra's economy is projected to grow by 7.9 per cent in 2025-26, compared to India's growth rate of 7.6 per cent, primarily due to record collections of Goods and Services Tax (GST) and favorable market conditions.
Maharashtra continues to be the engine of the country's growth. The nominal Gross State Domestic Product (GSDP) is expected to grow by 10.4 per cent. According to the Economic Survey for 2025-26, presented by Minister of State for Finance Ashish Jaiswal on Thursday in the state Assembly, the agriculture and allied sector is expected to grow by 3.4 per cent, the industry sector by 5.7 per cent, and the services sector by 9 per cent.
The estimated nominal GSDP for 2025-26 at current prices is Rs 51,00,597 crore, while the real GDP at constant 2011-12 prices is estimated at Rs 28,82,699 crore.
The fiscal deficit is estimated at 2.7 per cent of the GSDP, the revenue deficit at 0.9 per cent of the GSDP, and public debt at 18.3 per cent of the GSDP. Public debt is expected to reach Rs 9,32,242 crore in 2025-26, compared to Rs 8,39,242 crore in 2024-25.
The revenue deficit will be Rs 45,891 crore and the fiscal deficit Rs 1,36,235 crore. Capital expenditure is estimated at Rs 1,50,721 crore (19.9 per cent of GSDP), comprising Rs 93,166 crore for development and Rs 57,556 crore for non-development, compared to Rs 1,66,277 crore in 2024-25. The state government has provided guarantees worth Rs 1,29,458 crore in 2024-25.
During 2025-26, sowing took place on 157.27 lakh hectares during the kharif season. Cereals are expected to grow by 10.6 per cent, sugarcane by 22 per cent, and cotton by 7 per cent. Pulses and oilseeds are expected to grow by 28.2 per cent and 47.4 per cent, respectively.
During the Rabi season, sowing was completed on 66.98 lakh hectares. Pulses and cereals are expected to grow by 28.3 per cent and 29.7 per cent, respectively, while oilseed production will decrease by 16.2 per cent compared to 2024-25.
According to the First Revised Estimates (FRE), the State's nominal GSDP share in All-India nominal GDP is highest (14.0 per cent) in 2024-25.
According to the AE, the Per Capita State Income for 2025-26 is estimated at Rs 3,47,903, compared to Rs 2,19,575 Per Capita National Income. According to 2025-26 (BE), the share of capital receipts in total receipts and the share of capital expenditure in total expenditure are expected to be 25.9 per cent and 19.9 per cent, respectively. According to the recommendations of the 16th Finance Commission, the State is entitled to receive a share of 6.441 per cent in total central taxes during the award period (2026-27 to 2030-31).
The State is also expected to receive Rs 1,09,239 crore as grants-in-aid for local bodies and disaster management during the five-year award period of the 16th Finance Commission. The government has made all efforts to maintain fiscal deficit within the limit of three per cent of GSDP (as prescribed in ‘Maharashtra FRBM Rules, 2006’) for more than the last ten years.
The State's debts have remained in the range of 17 to 18 per cent of the GSDP. According to 2025-26 (BE), the proportion of fiscal deficit, revenue deficit and debt stock to GSDP is expected to be 2.7 per cent, 0.9 per cent and 18.3 per cent, respectively.
GST is the most important source of revenue for the State, contributing a larger share to the State's own tax revenue and total revenue receipts. The State's revenue receipts have remained more than nine per cent of GSDP in the last four years.
According to the Budget Estimates (BE), the State's revenue receipts are expected to be Rs 5,60,964 crore for 2025-26, compared to Rs 5,36,463 crore for 2024-25 Revised Estimates (RE). The tax and non-tax revenue for 2025-26 (BE) are expected to be Rs 4,77,400 crore and Rs 33,052 crore, respectively. Central Government grants are expected to be Rs 50,511 crore.
Actual revenue receipts during 2025-26 up to December were Rs 3,71,575 crore (66.2 per cent of BE). The State's revenue expenditure is expected to be Rs 6,06,855 crore for 2025-26, compared to Rs 5,62,999 crore in 2024-25 (RE). Actual revenue expenditure during 2025-26 up to December was Rs 3,64,412 crore (60.0 per cent of BE).
